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Styles & Wood cautious despite trading in line with expectations

Styles & Wood today said its turnover and pre-tax profit for 2009 are likely to be in line with expectations, but it remains cautious about 2010.

In a trading update for full year 2009 fit-out specialist Styles & Wood said its four divisions - storefit, storeplanning, storecare and storedata - have continued to trade in line with management expectations.

The refinancing completed on 29 June 2009 has ensured that the Group has a strong balance sheet to weather the current challenging market environment.

Net cash at 31 October 2009 was £6.3 million which is better than was expected at the time of the refinancing, and this improvement continued through to the end of the year.

Despite the tough market conditions, Styles & Wood secured projects with key customers during the year including working on 251 Morrisons’ cafes, converting 40 Co-op stores into a new format and working on 34 Barclays branches.

The trading update said: “The board believes that with its robust financial position, coupled with its strong, loyal customer base, the group is well placed to take advantage of any market upturn and maintain its market leading position.

“However, the markets in which the group operates continue to remain challenging and therefore the board maintains its cautious outlook for 2010.”